India markets closed

    -135.78 (-0.34%)
  • Nifty 50

    -28.40 (-0.24%)

    +0.1500 (+0.20%)
  • Dow

    -157.51 (-0.59%)
  • Nasdaq

    -274.00 (-2.45%)

    +4,629.69 (+0.46%)
  • CMC Crypto 200

    +1.78 (+0.68%)
  • Hang Seng

    -479.18 (-1.95%)
  • Nikkei

    -354.81 (-1.52%)

    -0.0358 (-0.04%)

    +0.3654 (+0.38%)

    +0.0410 (+0.20%)

    -0.0022 (-0.16%)

    +0.1200 (+0.22%)

Market spurts in early trade

·4-min read

Local stocks are trading on a strong note in early trade as buying resumed in index pivotals. Indices had logged declines in prior six trading sessions. At 9:25 IST, the barometer index, the S&P BSE Sensex, was up 414.15 points or 1.13% at 36,967.75. The Nifty 50 index was up 115.30 points or 1.07% at 10,920.85.

The S&P BSE Mid-Cap index was up 1.11%. The S&P BSE Small-Cap index was up 1.28%.

The market breadth, indicating the overall health of the market, is strong. On the BSE, 1338 shares rose and 331 shares fell. A total of 80 shares were unchanged.

Stocks in news:

Mahindra & Mahindra (M&M) gained 2.07%. The company raised its shareholding in Sampo Rosenlew Oy to 74.97%. Mahindra & Mahindra has been a shareholder in Sampo Rosenlew since July 2016. In line with Mahindra's governance principles for associate companies Sampo-Rosenlew will continue to be run as a stand-alone, independent business unit while simultaneously leveraging synergies where possible.

Tata Consultancy Services (TCS) surged 3.02%. The company has partnered with maurices, a women's fashion-apparel retail chain in the US and Canada, to help create a new flexible and scalable IT landscape for the latter.

ONGC rose 1.13%. The company said that fire in Hazira Gas Processing Plant near Surat has been extinguished. All efforts are being made to resume normal operations in the plant at the earliest. There have been no casualty or injury in the plant and the cause of incident is being investigated, the company said.

Nippon Life India Asset Management gained 2.42%. The company has received a joint mandate (along with another fund manager) to manage the investments of Post Office Life Insurance Fund (POLIF) and Rural Post Office Life Insurance Fund (RPOLIF) for a period of three years with effect from 1 October 2020. This mandate shall be further extendable depending upon the performance of the fund manager and by mutual consent, on the same terms and conditions.

RITES rose 1.2% as the company was awarded Turnkey contract for construction of Road Over Bridges (ROBs) in replacement of existing level crossings on competition basis from Railway Board amounting to Rs 205.85 crore.

Gayatri Projects rose 0.86%. The company has received the Letter of Award (LOA) from The Odisha Mining Corporation (OMC).

HUDCO advanced 2.61%. The company has achieved the level of Loan Sanctions of Rs 2607.12 crore and Loan Releases of Rs 3277.04 crore, as on 31st August 2020, for the financial year 2020-21.

Global Markets:

Overseas, Asian stocks are trading higher on Friday as a late Wall Street rally supported global sentiment.

In US, stocks rose slightly on Thursday as tech shares recovered some of their recent losses while traders weighed the latest batch of economic data.

Apple and Microsoft shares rose 1% and 1.3%, respectively, to lead tech higher. Alphabet shares gained nearly 1% and Amazon advanced 0.7%. Netflix was up 0.5% and Facebook advanced 0.2%.

Investors will also watch developments on potential U.S. coronavirus stimulus. House Democrats are reportedly preparing a new $2.4 trillion stimulus plan as the party looks to restart negotiations with the White House following talks that fell apart last month.

The number of Americans filing new claims for unemployment benefits unexpectedly increased last week. Initial claims for state unemployment benefits totaled a seasonally adjusted 870,000 for the week ended September 19, compared to 866,000 in the prior week, the Labor Department said on Thursday.

Back home, the benchmark indices crashed on Thursday, extending losses to the sixth day amid a global selloff. The trading was volatile due to the F&O expiry. The barometer index, the S&P BSE Sensex, crashed 1,114.82 points or 2.96% to 36,553.60. The Nifty 50 index slumped 326.30 points or 2.93% to 10,805.55. The 50-unit index has fallen 6.89% in six sessions.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,885.69 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 188.64 crore in the Indian equity market on 24 September, provisional data showed.